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    5700 Central Ave Chicago, IL 60646

    Sponsored
    For Sale
    $3,000,000

    Prime 31,079 SF Development Opportunity

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    397
    This exceptional 31,079 square foot commercial land site is available for sale in Chicago's desirable Jefferson Park neighborhood. Located at the highly visible corner of Central and Elston Avenues, this buildable lot boasts a daily traffic count of 21,288 vehicles, ensuring maximum exposure for any development. The property is zoned B3-1 and offers utilities, including water and sewer, readily available on-site. Its strategic location provides easy access to both public and private transportation, making it an attractive option for a wide range of commercial uses. A proposed development plan envisions a 40-unit mixed-use property with 61 parking spaces, showcasing the site's potential. However, the property's versatility allows for various other commercial ventures, including a shopping center, gym, or bank. This rare opportunity presents a significant advantage for investors and developers seeking a prime location with substantial development potential in a thriving Chicago neighborhood. The asking price for this exceptional property is $3,000,000. Don't miss this chance to acquire a highly visible and strategically located commercial land site in a rapidly growing area.

    Property Features for 5700 Central Ave

    General Information

    Property type
    Land

    HighLights

    • Rarely available 31,079 SF development site in Jefferson Park, Chicago.
    • High‑visibility corner lot at Central & Elston Avenues.
    • Development potential includes a 40‑unit mixed‑use building (proposed), shopping center, gym, or bank.
    • On‑site water and sewer utilities.
    • Excellent public transportation access.
    • Ideal investment opportunity for developers.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Chicago
    County
    Cook
    State
    Illinois
    Longitude
    -87.7684467
    Latitude
    41.9859553

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    FAQs

    What type of property is this?
    Land - Prime 31,079 SF Development Opportunity
    Where is this land located?
    The property is located at 5700 Central Ave Chicago, IL.
    What is the asking price?
    The asking price for this property is $3,000,000.
    What are key features of this property?
    This property features: Rarely available 31,079 SF development site in Jefferson Park, Chicago.; High-visibility corner lot at Central & Elston Avenues.; Development potential includes a 40-unit mixed-use building (proposed), shopping center, gym, or bank.
    (312) 338-3001
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    5700 Central Ave Chicago, IL 60646
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    Chicago, IL 60646
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    5700 Central Ave Chicago, IL 60646
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